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San Diego Hotels Feeling Less Financial Distress


Only Two Received Notices of Default in 2nd Qtr. 2011 Compared to Eight Last Year


By Lori Weisberg, The San Diego Union-Tribune
August 4, 2011


The W Hotel, which had been in foreclosure, sold during the last quarter for $56 million. — UT file photo

Far fewer hotels in San Diego County are going into default, a sign of a recovering industry buoyed by rising occupancies and stronger profits, says a new report released Tuesday.

In the second quarter of this year, only two hotels received notices of default, compared to eight a year earlier, according to Atlas Hospitality Group, which tracks distressed hotels throughout the state.

In all, 16 San Diego County hotels were identified as being in default at some point during the second quarter, compared to 40 during the same period in 2010, a decline of 60 percent, Atlas reported.

Meanwhile, the number of lender-owned hotels rose from 6 to 20, although only one hotel -- the 141-room Lake San Marcos Resort -- was foreclosed on during the second quarter, said Alan Reay, owner of Atlas Hospitality.

For the rest of the story go to:
http://www.signonsandiego.com/news/2011/aug/03/san-diego-hotels-feeling-less-financial-distress/


Contact:

Lori Weisberg, Staff Writer
San Diego Union-Tribune
350 Camino de la Reina
San Diego, CA  92102
619-293-2251
lori.weisberg@uniontrib.com


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